Suppose Claude left a $60,000 per year job at a tax preparation firm to open his own tax preparation business. If Claude's total revenue in the first year of business is $55,000, and Claude’s total cost is greater than zero, then:
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a
Claude's economic profit for the first year of business will be negative.
b
Claude's accounting profit for the first year of business will be $55,000.
c
Claude's accounting profit for the first year of business will be $5,000.
d
Claude is better off by operating his own tax preparation business.